U.S. Bancorp plans to hire 70 to 80 people for its newly created program aimed to help ultra-high-net-worth individuals "focus on wealth-transfer goals rather than only wealth accumulation," according to an Investment News article.
The Minneapolis based bank has hired several Wells Fargo executives to steer the initiative, called Ascent Private Capital Management, including chairman and CEO Richard Davis.
Bernanke signaled that the central bank is in no rush to scale back its stimulus plan. [Reuters]
Regulators' new proposed rules aimed to curb swap market risk would require large firms trading derivatives to boost their capital cushions. [DealBook]
Deutsche Bank posted near record first-quarter profit on investment banking gains and acquisitions in retail banking and wealth management. [Reuters]
Industrial & Commercial Bank of China's 1Q earnings rose 29% on lending and fee income. [Bloomberg]
BB&T and PNC Financial are among those interested in buying Royal Bank of Canada's U.S. consumer bank. [Businessweek]
Indonesia sold $2.5 billion of 10- year dollar bonds after attracting bids for almost three times that amount - an example of the appetite for the assets of developing economies. [Bloomberg]
Jesus-loving Beverly Hills hedge fund shut down by SEC. [Forbes]